BIC_Registration_Document_2017
FINANCIAL STATEMENTS Consolidated financial statements
Sensitivity of the obligation to a change in discount rate
This change would not, however, fully impact the Group net liability on employee benefits, as a change in plan assets fair value may partly offset the impact. Cash flows for future years The Group is expected to pay 15.3 million euros in employer contributions for 2018. The expected total benefit payments, in million euros, is:
According to the Group’s estimates, a +/-1% change in the discount rate would result in a change of, respectively, -13.34% and +15.19% in the obligations. This change would not, however, fully impact the Group net liability on employee benefits, as a change in plan assets may partly offset the impact. Sensitivity of the obligation to a change in inflation rate According to the Group’s estimates, a +/-0.5% change in the inflation rate would result in a change in the obligations for the following countries of respectively:
2018 2019 2020 2021 2022
32 30 37 33 33
+0.23% and -0.23% for the U.S.; ● +6.80% and -6.03% for the UK; ● +0.00% and -0.00% for France. ●
Beyond 2022
192
Information by geography 18-7
At December 31, 2017 (in thousand euros)
Obligation
Plan assets
Net liability
Europe
43,836 55,213 492,662
7.3% 9.2%
8,621
2.0% 9.0%
35,216 16,295
21.4%
United Kingdom
38,918
9.9%
North America
82.3% 386,964
89.1% 105,696
64.3%
Other countries
10,429
1.7%
-
-
7,118
4.3%
TOTAL
598,830
100.0% 434,505
100.0% 164,325
100.0%
At December 31, 2016 (in thousand euros)
Obligation
Plan assets
Net liability
Europe
46,000 57,594 553,857
6.9% 8.6%
8,995
1.9% 8.6%
37,005 17,413
18.2%
United Kingdom
40,181
8.6%
North America
83.0% 413,873
89.1% 139,984
69.0%
Other countries
10,089
1.5%
1,507
0.3%
8,582
4.2%
TOTAL
667,541
100.0% 464,556
100.0% 202,985
100.0%
Other countries 4.3%
Other countries 4.2%
18.2% Europe
21.4% Europe
8.6%
United Kingdom
9.9%
United Kingdom
64.3%
69%
North America
North America
2017
2016
For plans located in North America and Europe (mainly the United Kingdom), plan assets levels as of December 31, 2017 comply with minimum funding obligations, as legally or contractually defined.
202
BIC GROUP - 2017 REGISTRATION DOCUMENT
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